Trusts and the Independant Trustee

Trusts in a nutshell and our Independent Trustee Service

While trusts are often used in South Africa as part of estate planning to minimize taxes, there are also other reasons, unrelated to taxes, to establish a trust while you’re alive or to create one upon your death. Because the circumstances for you and your beneficiaries are unique, it’s important to talk with a specialist if a trust is appropriate for your estate plan. 

There are two main types of trusts,

• Living Trusts (Inter Vivos Trust): Living trusts are created during the founder’s lifetime and can generally be changed or revoked at any time while the founder is still living.
• Testamentary Trust (Mortic Causa Trust): A testamentary trust is created during the founder’s lifetime or upon his or her death under the terms of his/her will. Typically, these types of trusts can’t be changed once the founder dies. Most of the time, testamentary trusts are created for the benefit of minor or incapacitated beneficiaries.

TRADE & LEGAL provides a full range of trust services:

• Trust deed drafting and registration with the Master Acting as an independent trustee on your trust
• The audit of the wording of existing trust deeds Amendments to trust deeds
• Preparing of financial statements for trusts Appointment of new trustees in existing trusts Drafting of resolutions
• Administration of living and testamentary trusts, which include the following:
• Attending to the secretarial requirements of the trust.
• Annual trustees meeting
• Drafting resolutions for the administration of the trust
• Distributions to beneficiaries
• Annual financial statements
• Maintenance of the loan account of the trust
• Compliance with the Master of the High Court

• Acting as INDEPENDENT TRUSTEE as required by the Masters’ Directive dated 3 March 2017

Contact Leon Terblanche at tradelegal2020@outlook.com for more information